Gold Drops ₹500 to ₹98,870/10g; Silver Dips ₹1,000 to ₹1.11 Lakh/kg
New Delhi, July 16 – Gold prices fell by ₹500 to ₹98,870 per 10 grams in the national capital on Wednesday, marking the second consecutive day of decline, as stockists continued to offload their holdings, according to the All India Sarafa Association.
A day earlier, gold of 99.9% purity had dropped by ₹200 to close at ₹99,370. Meanwhile, 99.5% purity gold also declined ₹400 to ₹98,400 per 10 grams, compared to ₹98,800 on Tuesday.
Silver prices saw a sharper fall, dropping by ₹1,000 to ₹1,11,000 per kilogram, down from ₹1,12,000 in the previous session.
Globally, however, spot gold prices edged up by USD 16.41 (0.49%) to USD 3,341.37 per ounce. Kotak Securities’ AVP of Commodity Research, Kaynat Chainwala, attributed the global rise to renewed U.S. tariff threats. President Trump signaled potential new tariffs on pharmaceuticals and semiconductors, dampening market risk appetite ahead of the August 1 implementation of duties on 25 countries, including Canada, Mexico, and the EU.
Spot silver also gained nearly 1% globally, reaching USD 38.05 per ounce. According to Carsten Menke of Julius Baer, silver has recently outperformed gold, even touching USD 39 per ounce, driven by strong investor interest, increased inflows into silver-backed products, and a surge in futures market activity, especially in China.
However, Menke noted that silver’s rapid rise has narrowed the gold-silver ratio to around 85, reducing its comparative value advantage. “When the ratio was at 100, silver had significant catch-up potential. That seems largely exhausted now,” he said.
Looking ahead, Jateen Trivedi, VP at LKP Securities, said investors will closely watch key U.S. economic indicators like the Producer Price Index and jobless claims, which could influence the next move in bullion prices.
